Ocean Marine Insurance provides coverage for losses related to ocean and inland water transportation activities. It fundamentally addresses various risks associated with ships and their cargoes, goods carried over these waters, potential earnings from shipping activities, the physical ship (hull), and any accruing liabilities.
Key Components of Ocean Marine Insurance
Cargo Insurance
- Coverage: It covers the loss or damage to goods transported by water. This element of insurance protects the financial interest of cargo owners during transit.
Hull Insurance
- Coverage: It primarily safeguards against physical damage to the ship itself. Hull insurance can differ greatly depending on the insured vessel and voyage specifics.
Protection and Indemnity (P&I)
- Coverage: This component deals with liability insurance for practically all types of maritime liability risks. This includes risks related to the operation of vessels but extends beyond these to cover other third-party casualties and circumstances, fencing a broader expanse of potential incidents.
Freight Insurance
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Related Legal Framework
Maritime Law: The governance and regulation of marine insurance are heavily influenced by international maritime law, as well as national laws specific to maritime activities and insurance. It’s essential to consult applicable laws, such as the Marine Insurance Act 1906 (UK) for comprehensive understan Trans-oceans to both loro opc and Century-suff such.
International Conventions: Participation in international maritime conventions like the International Convention for the Safety of Life at Sea (SOLAS) & asserts adhere flu’s core preserved strengthening.
